Considerattions

• 1). Call Wells Fargo at 1-866-229-5409 and let it know you want to refinance your mortgage. You can apply online as well. To qualify, you must be 18 years old, a United States citizen, the owner of the home for which the mortgage will be secured, and you must have a consistent income. Loans are made in 48 states, Guam and Saipan. Loans are not made in Arkansas, Vermont or Washington, D.C.
  
  
• 2). Get a Wells Fargo phone banker to take your credit application. There is no application fee or any hidden costs. After taking the application the representative will transfer you to a loan officer. The loan officer will go over all details such as terms and cost, which depend on your individual situation. Wells Fargo will take a look at your credit file to determine your creditworthiness.
  
  
• 3). Confirm all costs, such as appraisal, title search, closing costs and points, with the loan officer. Find out about all terms and conditions, such the interest rate, prepayment penalty, balloon payment and length of mortgage. Mortgage terms can range from 5 to 40 years. See if your rate will be fixed or variable.
  
  
• 4). Verify that Wells Fargo has ordered the appraisal. An appraisal will determine the value of the property. Wells Fargo will also order a title search to see if there are other liens, mortgages or encumbrances.
  
  
• 5). Determine if the loan is approved by calling Wells Fargo 12 days after the application has been submitted. If you are approved, you will meet with a Wells Fargo employee for the closing at a mutually convenient location. You should bring income verification, identification and homeowner's insurance declaration. All applicants should have identification.